Friday saw a rise in global shares and U.S. Treasury yields, driven by better-than-expected job growth data that heightened investor expectations of the Federal Reserve maintaining its interest rate hikes. According to the Labor Department, the U.S. economy added 339,000 jobs in the previous month, surpassing most estimates and indicating tighter labor market conditions that could prompt a Fed rate hike.
European shares also experienced their best one-day gain on Friday, with the pan-European STOXX 600 index closing 1.5% higher. Buying activity was particularly focused on the mining and real estate sectors. In Japan, stocks also saw gains as the benchmark Nikkei index reached its highest close in three decades.
This trading week, after a shortened one due to a holiday, market activity is expected to be more subdued. On Monday, Apple will kickstart the week by hosting its worldwide developer conference, where new product releases are anticipated. Throughout the week, attention will be on various economic indicators, including U.S. factory orders, non-manufacturing services, the U.S. trade deficit, and consumer credit data.
Furthermore, several companies, such as J.M. Smucker, GameStop, Brown Forman, DocuSign, and Seneca Foods, are scheduled to report their earnings during the week.
